International Business Companies (Amendment) Act 2021
All Seychelles IBC Companies are now required to maintain accounting records for the last 7 years (January 2015 onwards), and provide their Seychelles Registered Agent with copies of the accounting records, and these Accounting records from 2015 – 2021, these should have been submitted by February 2022
Dates for accounting records with Registered Agent –
- Accounting records relating to transactions or operations in the past 7 years to 31st December, 2021 must be kept in Seychelles by 6th February, 2022.
- Accounting records relating to transactions or operations in the first half (January to June) of 2022 must be kept in Seychelles by July 2022 (and every year thereafter)
- Accounting records relating to transactions or operations in the second half (July to December) of 2022 must be kept in Seychelles by January 2023.
Accounting Records Keeping
Whilst you can keep the original accounting records at any place in the world including any address in Seychelles, you must notify the Registered Agent of the address.
Where a company keeps accounting records outside Seychelles, it shall lodge copy accounting records over the past 7 years at the Registered Office in Seychelles.
From January 2022, the following annual fees are payable to cover the additional work and administrative duties:
Seychelles Annual Accounting Records fee: an annual fee of £140 covers the additional administrative work involved with collecting, organising, and storing a Seychelles company’s accounting records or declarations of non-trading on a bi-annual basis.
Seychelles Annual Compliance fee: in line with Anti-Money Laundering rules & regulations, periodic reviews are conducted to ensure that the due diligence documentation held on file is current and up to date. The annual compliance fee of £200 covers the additional time spent monitoring KYC for the company directors, shareholders and other connected entities, in addition to general matters concerning corporate governance and regulatory updates.
Definition of Accounting Records as per the Act
174.(1) A company shall keep reliable accounting records that —
(a) are sufficient to show and explain the company ‘s transactions;
(b) enable the financial position of the company to be determined with reasonable accuracy at any time; and
(c) allow for financial Statements of the company to be prepared
Guidelines for naming files
Accounting records and related documents need be securely uploaded via our website https://www.systemday.com/upload/ or using the form below
We kindly request that the following file naming guidelines are followed:
The name of the file must be in English.
Please include the financial year.
If you upload invoices, the file name must contain the word INVOICE
For bank statements, the file name must contain the word BANK.
For financial statements, the name of the files must contain the word ACCOUNTS.
Registered Agent records preservation obligations
Registered Agents must preserve the following records of companies (including dissolved, struck-off, continued companies) under the administration, for at least 7 years:
Registers of members, directors, charges, minutes of meetings and resolution, accounting records in the possession of the registered agent.
Deemed Dissolution period
Automatic dissolution of a company for non-payment of annual fees reduced from 7 years to 1 year from the date of striking-off.